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Restructuring and insolvency law in Greece deals with the legal processes available to individuals and businesses that are unable to meet their financial obligations. The aim of these laws is to provide fair solutions for both debtors and creditors, while preserving economic stability and supporting the rehabilitation of viable enterprises. Recent years have seen significant reforms in Greek insolvency law, making it more efficient and aligned with European standards. This area of law covers voluntary and involuntary bankruptcy, out-of-court settlements, reorganization procedures, and liquidation processes.
There are many situations where legal assistance is essential in the field of restructuring and insolvency. You may need a lawyer if you or your business are facing excessive debts, liquidity issues, or have received claims from creditors. Legal support is often crucial if you are considering formal insolvency proceedings, seeking to restructure your financial obligations, or need to navigate complex negotiations with creditors. In addition, lawyers offer strategic advice on insolvency risks, assist with compliance, represent clients in court or out-of-court procedures, and help protect your interests throughout the entire process.
Restructuring and insolvency in Greece is primarily governed by the "Greek Insolvency Code," which was extensively reformed in 2020. The code unifies personal and corporate insolvency law under a single framework. It allows for different procedures, including preventive restructuring, debt settlement arrangements, bankruptcy proceedings, special management for large companies, and liquidation.
Key aspects include:
Restructuring involves reorganizing debts and obligations to enable a debtor to continue operations, while insolvency typically refers to a state where a debtor is unable to pay debts as they come due, often leading to bankruptcy proceedings.
You should seek legal advice as soon as you experience persistent difficulty meeting financial obligations, receive legal notices from creditors, or anticipate imminent insolvency.
The law provides certain protections to vulnerable individuals for their primary residence, subject to eligibility criteria and participation in specific support schemes. This may include suspension of foreclosure or special repayment terms.
Yes, certain insolvency procedures, such as reorganization or restructuring, are designed to allow viable businesses to continue operating while they implement a plan to satisfy creditors.
The duration varies depending on the type of proceedings, the complexity of the case, and the level of creditor cooperation. Some processes, such as out-of-court settlements, may conclude in a few months, while court-driven bankruptcies may take longer.
Yes, Greek law encourages out-of-court settlements and preventive restructuring agreements to resolve financial distress without lengthy court procedures.
Debtors must act in good faith, disclose all relevant information about assets and liabilities, cooperate with the court and creditors, and comply with reorganization or liquidation plans.
Creditors have the right to submit claims, participate in creditors' meetings, vote on restructuring plans, and challenge unfair practices. The law balances creditor rights with opportunities for debtor rehabilitation.
Under certain conditions, individuals can achieve discharge from remaining debts after the conclusion of bankruptcy proceedings, subject to compliance with legal requirements and timeframes.
Greece follows EU regulations, especially the European Insolvency Regulation, to address cases involving debtors or assets in multiple countries, ensuring recognition and cooperation across borders.
If you need further information or support, you may wish to consult the following resources:
If you are facing financial distress, it is important to assess your situation early and seek professional advice. Gather all relevant financial documents, make a list of creditors and debts, and consider your long-term goals. Contact a lawyer specializing in restructuring and insolvency law for a detailed assessment of your case and to discuss the most appropriate procedures for your needs. Early intervention can often preserve more options for yourself or your business. You may begin by consulting your local bar association or utilizing governmental resources to find experienced legal support. Remember that prompt legal assistance can help avoid costly mistakes and protect your interests throughout the process.
